The share of exports in the sales of manufacturing companies has dropped by nearly two-thirds over a ten-year period ended financial year 2022-23 (FY23). The numbers so far for FY24 suggest it might have fallen further.
Exports accounted for over 18 per cent of manufacturing sales in FY13, but this figure dropped to 6.8 per cent in FY23, and stands at just 1.8 per cent so far for FY24, according to data from the Centre for Monitoring Indian Economy (CMIE).
This is based on 961 companies across the listed and unlisted space. Companies declare foreign exchange earnings as part of their financials. The numbers look at the export figures from these disclosures relative to total sales. To be sure, not all companies provide this disclosure, but the data here considers only those firms which have both forex earnings as well as sales numbers. This aligns with the World Bank's September 2024 India Development Update, which highlights India's lost ground on manufacturing segments like apparel and footwear.
This story is from the September 18, 2024 edition of Business Standard.
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This story is from the September 18, 2024 edition of Business Standard.
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